Group 1 - The stock price of Baofa Holdings (08532.HK) closed at HKD 0.022 on April 18, remaining flat compared to the previous trading day, with an intraday low of HKD 0.021, marking a new low for the past year [1] - The net capital flow for the day showed an inflow of HKD 13.517 million and an outflow of HKD 11.913 million, resulting in a net inflow of HKD 1.60 million [1] Group 2 - Baofa Holdings Limited, established in 2006, is a one-stop contractor for external wall and curtain wall engineering solutions, providing design and project management services [2] - The company has completed over 20 external wall and curtain wall projects, covering both commercial and residential buildings, including large residential projects in the Kai Tak area [2] - The company's competitive advantages include a strong track record in the industry, stable relationships with key suppliers and clients, the ability to provide one-stop solutions, and a management team with rich experience and proprietary technical knowledge [2] - Future prospects are positive due to favorable government policies that are expected to increase the number of residential, commercial, and public infrastructure projects, as well as the evolution of the external wall and curtain wall industry into an independent branch of the construction sector [2] - The company aims to enhance its competitiveness by strengthening its financial position and expanding its operational team to improve project acquisition capabilities [2]

Financial Performance - Revenue for the six months ended September 30, 2024, was HK$185,663,000, a decrease of 0.43% compared to HK$186,471,000 for the same period in 2023[12] - Gross profit for the reporting period was HK$10,365,000, down from HK$11,066,000, reflecting a gross margin of approximately 5.58%[12] - Profit for the period increased to HK$2,070,000, compared to HK$765,000 in the previous year, representing a growth of 171.76%[12] - Total comprehensive income for the period was HK$2,036,000, significantly higher than HK$780,000 in the same period last year[12] - Basic earnings per share for the period was HK$0.26, up from HK$0.10 in the previous year, indicating a 160% increase[12] - For the six months ended September 30, 2024, the profit before taxation increased to HK$2,303,000, compared to HK$1,087,000 for the same period in 2023, representing a growth of approximately 112%[24] - The Group's profit for the period increased to HK$1,661,000 for the six months ended 30 September 2024, compared to HK$765,000 in the same period of 2023, reflecting a growth of approximately 117.0%[63] - Profit for the period increased from approximately HK$0.8 million for the six months ended 30 September 2023 to approximately HK$2.1 million for the six months ended 30 September 2024, mainly due to an increase in other income of approximately HK$1.0 million and a decrease in administrative expenses and finance costs of approximately HK$0.5 million each[115] Revenue Breakdown - For the six months ended September 30, 2024, revenue from construction services for residential properties was HK$184,871,000, an increase of 25.9% compared to HK$146,796,000 for the same period in 2023[41] - Revenue from construction services for commercial properties was HK$792,000, significantly up from HK$39,675,000 in the previous year, indicating a substantial growth[41] - Total revenue from contracts with customers was HK$185,663,000, slightly down from HK$186,471,000 in the prior year, reflecting a decrease of 0.4%[41] Assets and Liabilities - Non-current assets decreased to HK$13,002,000 from HK$13,788,000 as of March 31, 2024[14] - Trade receivables significantly decreased to HK$32,128,000 from HK$84,630,000, indicating a reduction of 62%[14] - Contract assets increased to HK$235,181,000 from HK$198,382,000, reflecting a growth of 18.52%[14] - Current liabilities decreased slightly to HK$144,408,000 from HK$148,508,000, showing a reduction of 2.35%[14] - Net current assets improved to HK$62,827,000 from HK$60,605,000, indicating a positive trend in liquidity[14] - Total equity as of September 30, 2024, reached HK$75,297,000, an increase from HK$73,261,000 as of September 30, 2023, reflecting a growth of approximately 2.8%[21] Cash Flow and Financing - The net cash generated from operating activities for the six months ended September 30, 2024, was HK$23,857,000, up from HK$16,730,000 in the previous year, indicating a year-on-year increase of about 42%[24] - Cash and cash equivalents at the end of the period were HK$5,420,000, down from HK$12,724,000 at the end of September 2023, representing a decrease of approximately 57%[24] - The company incurred finance costs of HK$5,042,000 for the six months ended September 30, 2024, compared to HK$5,522,000 in the same period of 2023, indicating a reduction of about 9%[24] - The company’s total borrowings as of September 30, 2024, included new bank borrowings raised amounting to HK$153,009,000, while repayments of borrowings totaled HK$173,371,000[24] - The total carrying amount of bank and other borrowings as of September 30, 2024, was HK$129,583, down from HK$149,492, a decrease of 13.3%[93] Employee and Operational Costs - Total staff costs decreased to HK$23,386,000 in the six months ended September 30, 2024 from HK$27,572,000 in 2023, a reduction of about 15.3%[56] - The Group had 102 employees as of 30 September 2024, with total staff costs of approximately HK$23.4 million, down from approximately HK$27.6 million for the same period in 2023[137] - The Group's total salaries and other benefits decreased to HK$19,034,000 for the six months ended September 30, 2024 from HK$23,214,000 in 2023, a decrease of about 18.0%[56] Corporate Governance and Compliance - The Company has complied with all applicable code provisions of the Corporate Governance Code as of September 30, 2024[166] - The Directors confirmed compliance with the Required Standard for securities transactions for the six months ended September 30, 2024[166] - The Audit Committee reviewed the unaudited condensed consolidated financial statements for the six months ended 30 September 2024, ensuring compliance with applicable accounting standards and GEM Listing Rules[168] Market Outlook and Strategy - The demand for façade and curtain wall works is expected to be driven by the completion of 22,267 new residential units in 2024 and 25,531 units in 2025[105] - The Group remains optimistic about its core business despite the economic slowdown, aiming to expand its customer base and achieve sustainable growth[108] - Future strategies may include further optimization of the capital structure to enhance financial stability[93]

Financial Performance - The company reported total revenue of HKD 185,663,000 for the six months ended September 30, 2024, compared to HKD 186,471,000 for the same period in 2023, reflecting a slight decrease of 0.43%[5] - The net profit for the period was HKD 2,070,000, a significant increase from HKD 765,000 in the previous year, representing a growth of 171.76%[5] - Basic and diluted earnings per share increased to HKD 0.26 from HKD 0.10, marking a rise of 160%[5] - The total comprehensive income for the period was HKD 2,036,000, compared to HKD 780,000 in the same period last year, indicating a growth of 160.51%[5] - The group's profit for the six months ended September 30, 2024, was HKD 1,661,000, compared to HKD 765,000 for the same period in 2023, representing a significant increase[41] - The net profit for the six months ended September 30, 2024, increased to approximately HKD 2.1 million from HKD 0.8 million in the same period of 2023[81] Revenue Breakdown - Revenue from residential construction services increased to HKD 184,871,000, up from HKD 146,796,000, representing a growth of 25.9%[26] - Revenue from commercial property construction services decreased significantly to HKD 792,000 from HKD 39,675,000, a decline of 98%[26] - Total revenue from customer contracts was HKD 185,663,000, slightly down from HKD 186,471,000, a decrease of 0.4%[26] Assets and Liabilities - The company's total assets as of September 30, 2024, were HKD 13,002,000, a decrease from HKD 13,788,000 as of March 31, 2024, reflecting a decline of 5.69%[7] - Current liabilities decreased to HKD 337,999,000 from HKD 362,825,000, showing a reduction of 6.83%[7] - Cash and cash equivalents decreased to HKD 5,420,000 from HKD 12,724,000, a decline of 57.4%[doc id='14'] - The company reported a net cash outflow from financing activities of HKD 26,165,000, compared to HKD 18,410,000 in the previous period, an increase of 42.5%[doc id='14'] - Trade receivables as of September 30, 2024, amounted to HKD 32,128,000, a decrease from HKD 84,630,000 as of March 31, 2024, reflecting a decline of about 62%[48] - Trade payables as of September 30, 2024, were HKD 98,166,000, a decrease from HKD 103,084,000 as of March 31, 2024, indicating a reduction of about 4.5%[51] Cash Flow and Financing - The net cash generated from operating activities was HKD 23,857,000, an increase from HKD 16,730,000 in the previous year, representing a growth of 42.67%[12] - As of September 30, 2024, the total bank loans and overdrafts amounted to HKD 129,583,000, a decrease from HKD 149,492,000 as of March 31, 2024, representing a reduction of approximately 13.3%[54] - Secured bank loans were reported at HKD 105,732,000 on September 30, 2024, down from HKD 120,437,000 on March 31, 2024, indicating a decline of about 12.2%[57] - Unsecured bank loans decreased to HKD 15,901,000 as of September 30, 2024, compared to HKD 20,038,000 on March 31, 2024, reflecting a drop of approximately 20.5%[54] - The repayment schedule indicates that HKD 121,300,000 is due within one year as of September 30, 2024, compared to HKD 136,577,000 on March 31, 2024, a decrease of about 11.2%[54] Employee Costs - Total employee costs for the period were HKD 23,386,000, down from HKD 27,572,000 in the previous year, indicating a reduction of approximately 15.9%[37] - The total employee costs were allocated as HKD 21,353,000 in direct costs and HKD 2,033,000 in administrative expenses for the period[37] - As of September 30, 2024, the company employed 102 staff members, down from 117 in the previous year[92] Future Outlook and Strategy - The company has announced plans for future market expansion and product development, although specific details were not disclosed in the report[4] - The company expects to recognize revenue from unfulfilled construction service contracts between September 30, 2025, and September 30, 2027[43] - The group remains optimistic about its core business despite global economic slowdowns, aiming to enhance sales efforts and expand its customer base[71] Risk Management - The company emphasizes risk management, highlighting potential cost overruns due to fluctuations in construction materials and labor costs, which could significantly impact financial performance[94] - The company relies on subcontractors for project completion, and any underperformance or inability to find subcontractors could adversely affect operations and profitability[94] Corporate Governance - The company has adhered to the principles and code provisions of the corporate governance code as of September 30, 2024[111] - The audit committee, established on January 25, 2018, consists of three independent non-executive directors and is responsible for reviewing financial statements and internal control procedures[113] - The audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2024, ensuring compliance with applicable accounting standards and GEM listing rules[113] Shareholder Information - Major shareholders include Yongmeng Holdings Limited, which holds 600,000,000 shares, representing 75% of the company's equity[96] - The company has not engaged in the purchase, sale, or redemption of any listed securities during the reporting period[108] - The board of directors confirmed compliance with the GEM Listing Rules regarding securities transactions for the six months ended September 30, 2024[109]

Financial Performance - For the fiscal year ending March 31, 2024, the total comprehensive income was HKD 1,227,000, compared to HKD 3,009,000 for the previous year[8]. - For the year ending March 31, 2024, the company reported total revenue of HKD 427,341 thousand, an increase from HKD 330,715 thousand in 2023, representing a growth of approximately 29.2%[32]. - The gross profit for the same period was HKD 24,127 thousand, up from HKD 16,936 thousand in 2023, indicating a growth of about 42.0%[32]. - Operating profit before tax was HKD 12,752 thousand, compared to HKD 10,460 thousand in the previous year, reflecting an increase of approximately 22.0%[32]. - The net profit for the year was HKD 1,237 thousand, down from HKD 3,018 thousand in 2023, showing a decrease of about 59.0%[32]. - The company incurred a tax expense of HKD 1,987 thousand, significantly higher than HKD 750 thousand in the previous year, marking an increase of approximately 165.6%[32]. - The company reported an increase in accounts receivable to HKD 84,630 thousand in 2024 from HKD 28,795 thousand in 2023, representing a significant rise of approximately 194.5%[55]. - The expected credit loss recorded for the year was approximately HKD 4.1 million, compared to a reversal of about HKD 31,000 in the previous year[97]. - The net profit for the year decreased from approximately HKD 3.0 million to about HKD 1.2 million[93]. Employee Costs - Total employee costs amounted to HKD 56,762,000 in 2024, an increase of 5.3% from HKD 53,884,000 in 2023[3]. - Employee costs totaled approximately HKD 56.8 million for the year ended March 31, 2024, compared to HKD 53.9 million in 2023, with 153 employees as of March 31, 2024[132]. Assets and Liabilities - The net assets as of March 31, 2024, were HKD 73,261,000, compared to HKD 72,034,000 in 2023, reflecting a slight increase of 1.7%[9]. - The company’s total liabilities increased to HKD 302,220,000 in 2024 from HKD 244,471,000 in 2023, representing a growth of 23.5%[9]. - The group’s trade and other payables totaled HKD 149,040,000 in 2024, up from HKD 52,462,000 in 2023, showing a significant increase[76]. - The outstanding borrowings due within one year were approximately HKD 148.9 million as of March 31, 2024, down from HKD 164.4 million in 2023[100]. - The current ratio remained stable at approximately 1.2 times for both March 31, 2023, and March 31, 2024[100]. - The debt-to-equity ratio decreased from approximately 62.3% on March 31, 2023, to about 57.8% on March 31, 2024[100]. Revenue Sources - The group reported revenue from residential construction services of HKD 373,819,000 for the year ending March 31, 2024, compared to HKD 234,797,000 in 2023, representing a growth of 58.9%[65]. - Revenue from commercial construction services decreased to HKD 53,522,000 in 2024 from HKD 95,918,000 in 2023, a decline of 44.3%[65]. - The total revenue for the year ended March 31, 2024, increased by approximately HKD 96.6 million or 29.2% to about HKD 427.3 million, primarily due to the completion of two large residential projects[94]. - The company generated approximately HKD 373.8 million from residential projects, accounting for about 87.5% of total revenue, while commercial projects contributed approximately HKD 53.5 million or 12.5%[94]. Financing Costs - Financing costs rose to HKD 10,765,000 in 2024, up from HKD 6,972,000 in 2023, indicating a 54.5% increase[22]. - Financing costs increased from approximately HKD 7.0 million to about HKD 10.8 million, mainly due to rising average interest rates on bank loans[98]. Dividends - The company reported no dividends paid or proposed for the fiscal year ending March 31, 2024, consistent with 2023[4]. - The company did not recommend any final dividend for the year ended March 31, 2024, consistent with 2023[128]. Compliance and Regulations - The company has not applied for any temporary exemptions related to accounting standards, indicating compliance with new regulations[14]. - The company has applied new and revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the consolidated financial statements for the year ending March 31, 2023[152]. - The company’s financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards and relevant disclosure requirements[143]. - The company is subject to the GEM listing rules, which indicate a higher investment risk compared to other listed companies[146]. Future Outlook - The company continues to operate under the going concern basis, expecting to have sufficient resources for the foreseeable future[50]. - The company remains optimistic about its core business despite global economic slowdowns, aiming to enhance sales efforts and expand its customer base[86]. Miscellaneous - The company has not reported any significant impact on its financial position due to changes in accounting policies related to long-term service obligations[157]. - The company’s shares were suspended from trading on July 2, 2024, pending the release of the full-year results for 2024[140]. - The company has submitted an application to resume trading of its shares on August 1, 2024[140]. - The audit committee, consisting of three independent non-executive directors, oversees the appointment and dismissal of external auditors and reviews financial statements[146]. - The company has not held any significant investments, acquisitions, or disposals during the reporting period[119].

Financial Performance - Revenue for the six months ended September 30, 2023, increased to HK$186,471,000, up 9.3% from HK$169,577,000 in the same period of 2022[12] - Gross profit for the period was HK$11,066,000, representing a significant increase of 59.9% compared to HK$6,962,000 in the prior year[12] - Profit for the period decreased to HK$765,000, down 38.5% from HK$1,247,000 in the same period of 2022[12] - Total comprehensive income for the period was HK$779,000, compared to HK$1,325,000 in the previous year, reflecting a decline of 41.2%[12] - Basic earnings per share for the period were HK$0.10, down from HK$0.16 in the same period of 2022, a decrease of 37.5%[12] - Profit before taxation for the six months ended 30 September 2023 was HK$1,087,000, down from HK$1,391,000 in 2022, indicating a decline of about 22%[21] - Cash used in operations for the six months ended 30 September 2023 was HK$17,487,000, a significant improvement compared to cash used of HK$27,790,000 in the same period last year[21] - Total comprehensive income for the six months ended 30 September 2023 was HK$780,000, compared to HK$1,325,000 for the same period in 2022, representing a decrease of approximately 41%[17] - Profit for the period decreased from approximately HK$1.3 million to approximately HK$0.8 million for the six months ended 30 September 2023, primarily due to increased finance costs and decreased other income[149] Assets and Liabilities - Trade receivables increased significantly to HK$93,043,000 from HK$28,795,000, indicating a growth of 223.5%[13] - Current liabilities rose to HK$261,344,000, up from HK$249,472,000, marking an increase of 4.7%[13] - Net assets as of September 30, 2023, were HK$72,814,000, slightly up from HK$72,034,000 as of March 31, 2023[15] - Other borrowings increased to HK$25,027,000 from HK$5,000,000, showing a substantial rise of 400.5%[15] - The company reported a change in trade receivables of negative HK$64,249,000 for the six months ended 30 September 2023, compared to negative HK$10,224,000 in the previous year[21] - As of September 30, 2023, total bank borrowings amounted to HK$157,217,000, a decrease of 7.2% from HK$169,373,000 as of March 31, 2023[15] - The total carrying amount of bank borrowings classified under current liabilities was HK$152,375,000 as of September 30, 2023, down from HK$164,373,000[15] Revenue Breakdown - For the six months ended September 30, 2023, the Group's revenue from construction services amounted to HK$186,471,000, representing an increase of 9.3% compared to HK$169,577,000 for the same period in 2022[46] - Revenue from residential construction services was HK$146,796,000, up 52.2% from HK$96,510,000 in the previous year, while revenue from commercial construction services decreased by 45.6% to HK$39,675,000 from HK$73,067,000[46] - Major customers contributing 10% or more of total revenue included Customer A with HK$100,315,000, Customer B with HK$31,611,000, and Customer C with HK$19,377,000, indicating a significant increase in reliance on these customers[54] Expenses and Costs - The company reported an increase in administrative expenses to HK$4,957,000 from HK$4,667,000, reflecting a rise of 6.2%[12] - Total staff costs amounted to HK$27,572,000, an increase from HK$26,393,000 in the previous year, reflecting a growth of 4.5%[70] - Finance costs increased from approximately HK$2.5 million to approximately HK$5.5 million for the six months ended 30 September 2023, mainly due to the increase in the average interest rate of bank borrowings[147] - The cost of services increased to approximately HK$175.4 million for the six months ended 30 September 2023 from approximately HK$162.6 million for the six months ended 30 September 2022, representing an increase of approximately 7.9%[138] Cash Flow and Financing - Net cash generated from financing activities for the six months ended 30 September 2023 was negative HK$18,410,000, compared to positive HK$28,208,000 in 2022[21] - Cash and cash equivalents at the end of the period were HK$12,724,000, slightly down from HK$12,883,000 at the end of September 2022[21] - The current ratio of the Group remained at 1.2 as at 30 September 2023, while the gearing ratio decreased from approximately 62.3% to approximately 59.8%[158] Management and Governance - The Group's success significantly depends on key management and the ability to attract and retain additional design team staff[182] - The Group has complied with all relevant laws and regulations in Hong Kong during the reporting period[180] - The interests of Directors and chief executives are recorded in the register maintained under section 352 of the SFO[195] Shareholding Structure - As of September 30, 2023, Mr. Chow Mo Lam holds a long position of 600,000,000 shares, representing 75% of the company's shareholding[190] - C.N.Y. Holdings Limited holds 600,000,000 shares, representing 75% of the issued capital of the Company[200] - Mr. Chow Mo Lam owns 83% of C.N.Y. Holdings Limited, while Mr. Yu Lap On Stephen owns 17%[194] - Both Mr. Chow and Mr. Yu are executive Directors and are considered Controlling Shareholders[196] Future Outlook - The Group's management remains optimistic about its core business despite economic slowdown, believing there is a market for quality façade and curtain wall works in Hong Kong[134] - The Group plans to strengthen its sales efforts, closely monitor project statuses, and control service costs to expand its customer base and achieve sustainable growth[134] - The Group's management expects revenue recognition from unsatisfied contracts to occur between 2024 and 2026[87]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Polyfair Holdings Limited 寶發控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8532） 截至2023年9月30日止六個月的 中期業績公告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交 所上市的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在 風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣 之證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量 的市場。 本公告乃遵照聯交所的GEM證券上市規則（「GEM上市規則」）而刊載，旨在提供 有關寶發控股有限公司（「本公司」）的資料；本公司的董事（「董事」）願就本公告共 同及個別地承擔全部責任。各董事在作出一切合理查詢後確認，就彼等所知及所 信，本 ...

Financial Performance - Revenue for the first quarter ended June 30, 2023, was HK$90,322,000, a decrease of 2.6% compared to HK$92,508,000 in the same period of 2022[10] - Gross profit increased to HK$6,279,000, representing a 43.3% increase from HK$4,381,000 in the previous year[10] - Profit from operations rose to HK$3,856,000, up 50% from HK$2,570,000 in the same quarter of 2022[10] - Profit for the period was HK$1,022,000, a decrease of 20.6% compared to HK$1,288,000 in the prior year[10] - Total comprehensive income for the period was HK$1,044,000, down from HK$1,318,000 in the same quarter of 2022[10] - Basic earnings per share for the first quarter was HK$0.13, compared to HK$0.16 in the previous year[10] - The Group reported exchange gains of HK$7,000 for the period, compared to exchange losses of HK$30,000 in the previous year[43] - For the three months ended June 30, 2023, the Group's profit was HK$1,022,000, a decrease from HK$1,288,000 in the same period of 2022, representing a decline of approximately 20.6%[64] - The Group's total revenue decreased by approximately HK$2.2 million or 2.4%, from approximately HK$92.5 million for the three months ended June 30, 2022, to approximately HK$90.3 million for the three months ended June 30, 2023[79] - Profit for the period decreased from approximately HK$1.3 million to approximately HK$1.0 million, influenced by various factors including increased finance costs and decreased other income[91] Expenses and Costs - Administrative expenses increased to HK$2,548,000, up from HK$2,378,000 in the same period of 2022[10] - Finance costs significantly increased to HK$2,641,000 from HK$1,175,000 in the previous year, indicating a rise in borrowing costs[10] - Current tax expenses for the period were HK$193,000, compared to HK$107,000 in the same period of 2022[48] - The total staff costs for the period amounted to HK$14,439,000, an increase of 5.5% compared to HK$13,692,000 in the previous year[57] - The cost of services decreased to approximately HK$84.0 million for the three months ended June 30, 2023, from approximately HK$88.1 million for the same period in 2022, representing a decrease of approximately 4.7%[80] - Finance costs increased from approximately HK$1.2 million to approximately HK$2.6 million, mainly due to the increase in the average interest rate of bank borrowings[89] - The income tax expenses increased by approximately HK$0.1 million, from approximately HK$0.1 million to approximately HK$0.2 million for the same period[90] Revenue Breakdown - Revenue from construction services for residential properties increased to HK$61,330,000, up 53% from HK$40,177,000 in 2022[31] - Revenue from construction services for commercial properties decreased to HK$28,992,000, down 45% from HK$52,331,000 in 2022[31] - All revenue recognition for the period was over time, consistent with the previous year[34] Company Overview - Polyfair Holdings Limited was incorporated in the Cayman Islands and listed on GEM of The Stock Exchange of Hong Kong Limited on February 23, 2018[15] - The Group's non-current assets are substantially located in Hong Kong, with no geographical revenue breakdown provided[33] - The Group's financial statements were prepared in accordance with Hong Kong Financial Reporting Standards and have not been audited by independent auditors[22] Corporate Governance - The Company complied with all applicable code provisions set out in the Corporate Governance Code as of June 30, 2023[120] - The Audit Committee, established on January 25, 2018, comprises three independent non-executive Directors[126] - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the three months ended June 30, 2023, confirming compliance with applicable accounting standards and GEM Listing Rules[128] - All Directors confirmed compliance with the Required Standard for securities transactions for the three months ended June 30, 2023[118] - The Company has not been aware of any competing businesses or conflicts of interest among Directors as of June 30, 2023[116] Future Outlook - The forecast for residential building completions in Hong Kong is 19,953 new units in 2023 and 26,970 new units in 2024, driving demand for façade and curtain wall works[70] - Office completions in Hong Kong in 2022 were 351,300 m², expected to drop to 267,200 m² in 2023 and further to 105,700 m² in 2024[75] - The Group remains optimistic about its core business in high-quality facade and curtain wall engineering in Hong Kong, aiming to enhance sales efforts and expand its customer base[77] - The Group aims to strengthen its sales efforts and control service costs to expand its customer base and achieve sustainable business growth[76] Shareholding and Directors - 600,000,000 shares are directly held by C.N.Y. Holdings Limited, with Mr. Chow owning 83% and Mr. Yu owning 17%[105] - As of June 30, 2023, C.N.Y. Holdings Limited holds a 75% shareholding in the Company[111] - No share options had been granted up to June 30, 2023, under the Group's share option scheme[119] - Directors' remuneration for the period was HK$1,502,000, slightly up from HK$1,470,000 in the previous year[57] - There were no interests or short positions in shares recorded for Directors or chief executives as of June 30, 2023[106] - Mr. Chow is deemed to be interested in the 600,000,000 shares held by C.N.Y. Holdings Limited[115] - Ms. Hau Pak Sui, as the spouse of Mr. Chow, is also deemed to be interested in the same 600,000,000 shares[115]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Polyfair Holdings Limited 寶發控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8532） 截至2023年6月30日止三個月的 第一季度業績公告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交 所上市的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在 風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣 的證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量 的市場。 香港交易及結算所有限公司及聯交所對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告乃遵照聯交所的GEM證券上市規則 ...

Financial Performance - The total revenue of Polyfair Holdings Limited decreased by approximately HK$31.4 million or 8.7%, from approximately HK$362.1 million for the year ended March 31, 2022, to approximately HK$330.7 million for the year ended March 31, 2023[19][23]. - The decrease in revenue was mainly attributable to the substantial completion of a sizable project[19][23]. - Revenue from commercial properties projects was approximately HK$95.9 million, representing approximately 29.0% of the Group's revenue, while revenue from residential properties projects was approximately HK$234.8 million, representing approximately 71.0% of the Group's revenue[39]. - The Group's cost of services decreased to approximately HK$313.8 million for the year ended March 31, 2023, from approximately HK$345.6 million for the year ended March 31, 2022, representing a decrease of approximately 9.2%[40]. - The Group's gross profit increased by approximately HK$0.4 million from approximately HK$16.5 million for the year ended March 31, 2022, to approximately HK$16.9 million for the year ended March 31, 2023, with a gross profit margin increase from approximately 4.6% to approximately 5.1%[41]. - Profit for the year increased from approximately HK$2.7 million for the year ended 31 March 2022 to approximately HK$3.0 million for the year ended 31 March 2023, representing an increase of about 11.1%[57]. Project and Operational Insights - As of March 31, 2023, the Group had ten ongoing projects with a total original contract sum of approximately HK$760.2 million, of which approximately HK$237.2 million was recognized as revenue during the Reporting Period[30]. - The Group remains optimistic about its core business despite the economic slowdown, believing there is a market for quality façade and curtain wall works in Hong Kong[34]. - The forecast completions for residential buildings in Hong Kong are 19,953 new units in 2023 and 26,970 new units in 2024, driving demand for façade and curtain wall works[32]. - The Group plans to strengthen its sales efforts and carefully control service costs to expand its customer base and achieve sustainable business growth[34]. Financial Position and Ratios - Cash and bank balances as at 31 March 2023 were approximately HK$14.5 million, an increase of approximately HK$2.0 million compared to HK$12.5 million as at 31 March 2022[58]. - Outstanding borrowings increased from approximately HK$110.7 million as at 31 March 2022 to approximately HK$154.4 million as at 31 March 2023, reflecting a rise of about 39.5%[59]. - The current ratio decreased from approximately 1.3 as at 31 March 2022 to approximately 1.2 as at 31 March 2023[60]. - The gearing ratio increased from approximately 53.0% to approximately 62.3% from 31 March 2022 to 31 March 2023[60]. Human Resources and Staff Management - Total staff cost increased to approximately HK$53.9 million in 2023 from HK$49.9 million in 2022, marking an increase of about 4.0%[76]. - As of March 31, 2023, the Group employed 140 staff, an increase from 117 in 2022[80]. - The Group provides on-the-job training and sponsors employees for training courses to enhance skills[80]. - Total employee costs, including director remuneration, amounted to approximately HKD 53.9 million, up from HKD 49.9 million in 2022[80]. Risk Management and Compliance - The Group's risk management practices are crucial to mitigate operational and financial risks effectively[89]. - Changes in building material costs, staff costs, and subcontracting fees may lead to cost overruns, significantly impacting operational results and financial performance[90]. - The Group may face difficulties in refinancing or an increase in financing costs, which could affect financial stability[90]. - The Group has complied with all relevant laws and regulations in Hong Kong during the year[84]. Corporate Governance - The Company has complied with the applicable code provisions of the Corporate Governance Code for the year ended March 31, 2023[125]. - The Board consists of six Directors, including three executive Directors and three independent non-executive Directors[133]. - The Company will enhance its corporate governance practices to align with the growth of the business[125]. - The Audit Committee was established on January 25, 2018, and is composed of three independent non-executive directors, ensuring compliance with GEM Listing Rules[175]. - The company has a structured approach to corporate governance, with all directors subject to retirement by rotation at least once every three years[156]. - The majority of members in each Board committee are independent non-executive directors, promoting objectivity and independence in decision-making[174]. - The company has implemented sound internal control and risk management systems to monitor operational and financial performance[158]. Board and Committee Activities - Four Board meetings were held during the year ended March 31, 2023, all of which were regular meetings[143]. - The Audit Committee held 4 meetings for the year ended 31 March 2023, reviewing quarterly, interim, and annual financial statements[177]. - The Remuneration Committee held 1 meeting during the year, discussing and reviewing the existing remuneration policy and structure for Directors and senior management[184]. - The Nomination Committee also held 1 meeting, reviewing the Board's structure, size, composition, and diversity, and assessing the independence of independent non-executive Directors[194]. - All executive directors attended 100% of the board meetings, demonstrating strong governance participation[199]. - Independent non-executive directors also attended all meetings, indicating robust oversight[199].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Polyfair Holdings Limited 寶發控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8532） 截至2023年3月31日止年度的 全年業績公告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交 所上市的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在 風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣 之證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量 的市場。 本公告乃遵照聯交所的GEM證券上市規則（「GEM上市規則」）而刊載，旨在提供 有關寶發控股有限公司（「本公司」）的資料；本公司的董事（「董事」）願就本公告共 同及個別地承擔全部責任。各董事在作出一切合理查詢後確認，就彼等所知及所 信，本 ...